E-FILING OF ITR A.Y. 2008-09

Efiling 921 views 2 replies

PLZ. GUIDE ME

My Assessee , who is a company, whose  turnover for the F.Y. 2007-08 (A.Y. 2008-09)  is  100 lacs , gets his accounts audited on 10-10-08. but he forgot to e -file the income tax return. Later on he e-file the ITR on 10-8-2009.

I want to know about the penalties he may face

1. Late filing of ITR after the close of A.Y. 31.03.2009 OF Rs 5000/-

2. Late filing on Audit Report u/s 271B ( however it is not to be attached with the e-filing of ITR.)

 

Replies (2)

 

THE COMPANY MAY FACE PENALTY UNDER BOTH THE PROVISIONS. HOWEVER,  IF THERE IS ANY REASONABLE OR GENUINE CAUSE FOR DELAY IN FILING OF  RETURN (WHICH IS SUPPOSED TO BE FILED BEFORE THE SPECIFIED DATE - 30.09.2008), THE PENALTY MAY NOT BE LEVIED. 

Yes as above V.K. Sir said, if the company provideing valid reason of not submitting Audit report on the due date, and if they get satisfy than company will be able to save tax of not submitting Audit report u/s 271B. Other wise, company have to pay 0.5% tax of trunover.


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